Compensation and Benefits

Compensation and
Benefits
Cudia, Mary Jesrel
Calderon, Kristine
Dimaapi, Regina Angela
Isip, Coleen
Jimenez, Ivan
TYPES OF COMPENSATION
O Base Pay
O Commissions
O Overtime Pay
O Bonuses, Profit Sharing, Merit Pay
O Stock Options
O Travel/Meal/Housing Allowance
O Benefits including: dental, insurance, medical,
vacation, leaves, retirement, taxes.
CONSIDERATIONS IN
DEVELOPING
COMPENSATION PLAN
Budget Allocation
OThis strategy will determine
how much of the total
compensation budget will be
spent on salary and what
percentage will be spent on
benefits and other incentives.
Develop Salary Ranges
O Developing salary ranges is
critical to ensuring employee pay
is competitive with other
organizations. To be competitive,
it is important to benchmark like
jobs within the same industry and
create a pay structure.
Salary Audits
OMarkets change therefore it is
important to perform routine
salary audits to ensure salary
ranges reflect current
compensation trends in a
particular industry.
Benefit Package
OMany organizations use
benefit packages, in
addition to salary, to
attract and retain
employees.
Performance Management System
OIt is important to have a

structured
performance management
process to ensure employees are
meeting corporate objectives and
are assessed on a regular basis.
Legal Compliance
OA well defined compensation
strategy will incorporate legal
requirements to ensure the
organization is in compliance
with all federal and state
laws.
Structured Administration
O As with any other business process,
structure is important. Developing an
annual review process, salary audit,
raise process timeline and making sure
someone is responsible to ensure all
areas are completed is critical to
successful compensation management.
Compensation Plan
OThe term “compensation”
refers to the combination of
wages, salaries and benefits
an employee receives in
exchange for work.
Compensation Plan
OHourly Wage
OAnnual Salary
ORetirement Savings
ORaises, Bonuses and Incentives
OGroup Health Benefits
Incentives
O A monetary gift provided to an
employee based on performance,
which is thought of as one way to
entice the employee to continue
delivering positive results.
Incentive pay may come in the
form of a bonus, profit-sharing, or
commission
13th Month Pay
OPRESIDENTIAL
DECREE NO. 851
O REQUIRING ALL
EMPLOYERS TO PAY
THEIR EMPLOYEES
Allowance
OIt is an amount of money given
or allotted usually at regular
intervals for a specific purpose
Allowance
O Accommodation Allowances
O Meal and Clothing Allowances
O Travelling Allowances
O Benefit Allowances
O Accommodation Allowances
O Meal and Clothing Allowances

O Travelling Allowances
O Benefit Allowances
Role of Benefits
BENEFITS
O Why even provide benefits?
O Why are group benefits less expensive than

individual benefits?
O Are they worth it?

Employers provide employee benefits for the
purpose of achieving organizational objectives
and satisfying employee needs more
economically then they could individually.
STANDARD DEDUCTION
Types of deductions
O Itemized deduction
are eligible expenses that individual taxpayers can claim
on federal income tax returns and which decrease their
taxable income.
O Standard deduction
is an allowable deduction from professional/business
income of the persons who are entitled and who may
elect to use this kind of deduction in lieu of the
itemized deduction, in the maximum amount of, in
the case of individual taxpayer.
O Gross sales/receipts – for Individual taxpayer
and General Professional Partnership
(GPP).Gross Sales is the cash sales and
charge sales transaction from the customers
during the taxable year.
O Income tax
OPhilhealth
Is a body that can provide financial assistance
for Filipino employees in cases of emergency.
OLate Deduction
OAbsences
Sample Computation
O Taxable income = (Monthly Basic Pay +
Overtime Pay + Holiday Pay + Night
Differential) – (SSS/PhilHealth/Pag-IBIG
deductions – Tardiness – Absences)
Sample Computations
O SSS Contribution
O Philhealth Contribution
O Pag-IBIG Contribution
GSIS
Government Service Insurance System
PHILHEALTH
Philippine Health Insurance Corporation
SSS
Social Security System
DOLE
Department of Labor of Employment
Current
Events
Job Fair
O POEA Job Fair Schedule, Venue in 2017, 21 Job Fairs from October
to November 2017
O September 22, 2017
– SM PAMPANGA EVENT CENTER, SAN FERNANDO,
PAMPANGA
O September 26, 2017
– MUNICIPAL GROUNDS, SAN FELIFE, ZAMBALES
O October 2, 2017
– Vigan Convention Center, Vigan City, Ilocos Sur
O October 3-4, 2017
– SM Megamall Megatrade Hall 3, 5F Bldg B, Mandaluyong City
O October 4, 2017
– MT. Ballo Hall, CPSU Campus, Kabankalan, Negros Occidental
O October 6, 2017
– Municipal Town Plaza, Noveleta, Cavite
THE END.
THANK YOU
TO GOD BE THE
GLORY :}

Compensation and Benefits

Uploaded by

Copyright:

Available Formats

Compensation and Benefits

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Compensation and Benefits

Uploaded by

Copyright:

Available Formats

Compensation and

OIt is important to have a

O Meal and Clothing Allowances

O Why are group benefits less expensive than

O Are they worth it?

You might also like